Statutory meeting purpose. Types of Company Meetings 2019-02-19

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Company Meetings & Kinds Of Meetings

statutory meeting purpose

A special notice enables the members to be prepared on the matter to be discussed and gives them time to indicate their views on the resolution. Such a statutory meeting is held only once in the lifetime of the company. A company may, by appropriate provisions in its its articles, fix the time for its annual general meeting and may also by a resolution passed in one annual general meeting fix the time for its subsequent annual general meetings. All meetings should contribute to team building, strengthening relationships and corporate culture. What is a Non-Statutory report Non-statutory reports are prepared in order to help the board of directors or top executives to take a quality decision for the effective control and management of business organization but not required under the provisions of any law. The members have no authority to convene the annual general meeting of the company.

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What is a statutory meeting?

statutory meeting purpose

The intention to propose a resolution as a special resolution must be specifically mentioned in the notice of the general meeting. Appointment of Auditor: In this meeting the directors and shareholder with the mutual co-operation announced the name of the auditor and fixed the remuneration. Moreover, a company may be wound up by the Court, if default is made in delivering the statutory report to the Registrar or in holding the statutory meeting. The time of holding of the Annual Gen­eral Meeting may be fixed by the arti­cles of the company. But as provided under section 165 of the companies act 1956, it is a mandatory general meeting of the members of a company which is required to be hold within certain prescribed period of time.

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Minutes of Statutory Company Meetings

statutory meeting purpose

Shares allotted: The total number of shares allotted distinguishing those allotted as fully paid up, partly paid up, shares issued for consideration other than cash etc. Winding up: According to companies ordinance section 305 b a company may be wound up by the court if it does not hold two consecutive annual general meetings. The chairman has the discretion to accept or reject an amendment on various grounds such as inconsistency, redundancy, irrelevance, etc. The loose leaves must be bound at reasonable intervals. This type of meeting is very common in the workplace. A list of members showing their names, addresses and occupations together with the number shares held by each member must be kept in readiness and produced at the commencement of the meeting and kept open for inspection during the meeting.

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Statutory Meeting of a Company

statutory meeting purpose

Types of Company Meetings According to the companies ordinance 1984, there are three types of company meetings which are held by a company. Where minutes of the proceedings of any meeting have been kept properly, they are, unless the contrary is proved, presumed to be correct, and are valid evidence that the meeting was duly called and held, and all proceedings thereat have actually taken place, and in particular, all appointments of directors or liquidators made at the meeting shall be deemed to be valid. In every organisation there should be a provi­sion in their constitution or by-laws or Articles of Association fixing the number which should cons­titute a quorum. The vast majority of business decisions are made by groups in meetings. This category include meetings like include all-hands meetings, kick-off meetings, team building outings, and corporate events. Motion Motion means a proposal to be discussed at a meeting by the members.

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Statutory and Non

statutory meeting purpose

If any day is declared by the Central government to be a public holiday after the issue of the notice convening such meeting, such a day will be traeted as a working day. Meetings can be of various types based on formality, purpose, use, legality, participation and more. If the amendment is adopted on a vote by the members, it is incorporated in the body of the main motion. Ordinary Resolution : An ordinary resolution is one which can be passed by a simple majority. The proxy can be revoked by the member at any time, and is automatically revoked by the death or insolvency of the member. Companies licensed under Section 25 are exempt from the above provisions provided that the time, date and place of each annual general meeting are decided upon beforehand by the Board of Directors having regard to the directions, if any, given in this regard by the company in general meeting.

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Statutory

statutory meeting purpose

Reports of Individual officers of the Company The term reports of individual officers of the company includes Company Secretary, Auditor, General Manager, Special Officer etc. A motion, on being passed as a resolution becomes a decision. A body corporate which is a member of a com­pany can appoint a representative or proxy, by reso­lution of the Board. Meeting change its nature, duration and people according to its types so types of meetings are very important. The statutory meeting is held to inform the shareholders matters relating to incorporation, allotment of shares, contracts entered into by the company, utilization of funds etc.

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Statutory and Non

statutory meeting purpose

After the statutory report has been certified by , the auditors of the company must also certify the report in respect of the number of shares allotted, cash received on such shares and the receipts and payments of the company upto a date within seven days of the report. If a quo­rum is not present at the starting time, the Chair­man may allow some extra time e. A notice of meeting may also be given by advertising the same in a newspaper circulating in the neighbourhood of the registered office of the company and it shall be deemed to be served on every member who has to registered address in India for the giving of notices to him. If there is no quorum within half an hour of the notified time for starting the meeting, it is dis­solved. How the meeting is called. They are also held to enable the com­pany to issue new debentures or to vary the rate of interest payable to debenture-holders. The persons calling the meeting must be authorised to do so.

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Statutory

statutory meeting purpose

With new technologies like MeetingSift they can use their smart devices to go from passive spectators to active participants, making the meeting more engaging and productive for all. Sometimes, the Court may also order for such a meeting to be held. Meeting of Creditors and Contributories : These meetings are held when the company has gone into liquidation to ascertain the total amount due by the company to its creditors. The auditors have to certify that all information regarding calls and allotment of shares are correct. Whether the meeting is addressing an identified problem, or it is focusing on creating strategies and plans to navigate the future, there are a rich arsenal of group processes that can be used. According to the companies ordinance 1984 , every company, without exception , shall hold a general meeting of its members every year.


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Statutory Meeting of a Company

statutory meeting purpose

To Discuss Statutory Report: Another objective of this meeting is to discuss statutory report of the company. A proxy need not be a member of that company. Details of the shares allotted b. Status update meetings is one of the most common meeting types. All appointments of officers made at any of the meetings must be included in the minutes of the meeting.

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Minutes of Statutory Company Meetings

statutory meeting purpose

There are two kinds of General Meetings: i The Annual General Meeting and ii Other General Meetings. Where the chairman, acting bona fide within his powers, adjourns the meeting as per the view of the majority, the minority members cannot to continue with such meeting and, if they do the proceedings there will be null and void. However, the main principle of the meeting is remaining common: a gathering of people. A private company and a company limited by guarantee and not having a share capital need not hold such a meeting. Frequency of holding statutory meeting : Statutory meeting is held once in a lifetime of the company.

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